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Confused Newbie

Discussion in 'Introductions' started by paba, 25th May, 2016.

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  1. paba

    paba Member

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    25th May, 2016
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    Sydney
    Hi there,

    I'm another newbie in the forum, just came across when a friend mentioned about this chat room.
    Spent two nights reading lots of posts here.. felt good & genuine forum.

    I lately realised that I should save money & invest ! so, I'm here.. , I'm organised but not planned, spent lots of time wasting, roaming..I'm family man with wife & 2 kids, closing in mid-age..however, paid off all mortgage recently for a townhouse bought in sydney's outer suburb..now worth $400k ..

    Now, have been thinking to invest the money being saved on my salary and use the 'equity' of currently living home (sudden realisation..lately..after sydney property boom!)..but confused where to invest .. should I buy big house where I live now and move in ? or invest in smaller property and make money.. in sydney or brisbane or melbourne the list goes on.. not knowing much but searching for properties online every day !

    Hoping to find some ways, like minded people in the forum, wants to explore together etc.. and share my experience & knowledge whatever way possible. (I'm a GIS geek..i.e. location intelligence, not sure how much is useful here)

    Cheers
    Paba
     
    House likes this.
  2. House

    House Well-Known Member Premium Member

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    Welcome :) Good that you came to the realization early on. And with that much equity you'll have plenty of options. But it does depend on your servicibility so I'd advise speaking to a broker (plenty on here who knew their stuff).

    Seeing as you're new to it all I'd suggest educating yourself further by reading some books from the list here and listening to podcasts such as The Property Couch.

    Develop a strategy that you think would best suit you, figure out your end goal and work backwards. Simples!

    But the fact you've found PC has significantly increased your chances of succeeding ;)
     
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  3. paba

    paba Member

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    Thanks #Housee
     
  4. monalisa

    monalisa Well-Known Member Premium Member

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    Hi @paba

    Welcome to PC.

    Congratulations on paying off your home - must be an excellent feeling.

    I think you need to work out where you would like to be in the next 5,10,15 years. You mention you are mid age - look at when you want to stop working, what income will you need to have the lifestyle you desire? This can be used to work backwards on what you need as an asset base.

    Also check Somersoft Forums - those have some great info, and people's journey's on how they have applied real estate to achieve their goals.

    Good luck!
     
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  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast
    gold right there

    simple

    but not obvious !

    ta
    rolf
     
  6. wombat777

    wombat777 Well-Known Member Premium Member

    Joined:
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    Location:
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    Also set some specific timeframes. This should work:
    1. 1-2 months learning as much as you can
    2. 4 weeks zeroing in on a specific strategy ( a good point to get a 'team' in place - accountant, broker, etc )
    3. 4 weeks researching markets / locations
    4. 1 week to get a loan approval in place
    5. 1-2 months to find and settle on a property
    6. 2-4 weeks minor repairs and find a tenant
    Get along to a Wentworthville leagues meetup ( highly recommended ). You just missed one last week. They are generally held every two months. Carefully selected seminars can be good for education but try to keep your wallet closed when the 'pitch' is delivered.
     
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  7. bob shovel

    bob shovel Well-Known Member

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    Welcome aboard

    What sort of GISing do you do? I'm not to familiar with tech side but come across plenty of maps in construction work, surveying, Google maps probably know something ;) and council's love their maps of infrastructure.
     
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  8. paba

    paba Member

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    hahahaha..I don't expect GOLD immediately..
    Thanks Rolf
     
  9. paba

    paba Member

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    Thanks for the info..really useful
     
  10. paba

    paba Member

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    Anything from simple maps to online maps like Google .. also has knowledge of GPS\Surveying..
    Currently into planning maps..so I know where is next release is..;)...but not useful much as they take decades to develop :)